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USS announces new scheme valuation

23 November 2018

The Universities Superannuation Scheme (USS) has announced that it is to carry out another review of its funding position.

The Financial Times said the plan for the new valuation comes two months after the independent Joint Expert Panel set up in the wake of strikes at UK universities by UCU found wide-ranging flaws in the 2017 review.

UCU national head of policy and campaigns Matt Waddup said: 'UCU will examine the detail of the proposals for a fresh valuation and continue to engage with USS and the employers in order to protect members' pensions.

'It is worth reminding ourselves that less than 12 months ago we faced the prospect of the end of the guaranteed pension at a cost to members of more than £200,000 over the course of their retirement. Without members' action there would have been no JEP and no change in the position of either the employers or USS.'